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Business Standard
2 days ago
- Business
- Business Standard
BCCL files IPO papers with Sebi, CIL to offload 465.7 million shares
Coal India Ltd (CIL) subsidiary Bharat Coking Coal Ltd (BCCL) has submitted draft papers to the Securities and Exchange Board of India (Sebi) for its upcoming initial public offering (IPO). The IPO will be a pure offer for sale (OFS) with no issuance of new shares. CIL plans to offload up to 465.7 million equity shares through the offering. 'The DRHP filing pertains to the proposed initial public offering of BCCL comprising an offer for sale of up to 465,700,000 equity shares by Coal India Ltd, which remains subject to receipt of applicable approvals, market conditions, and other relevant considerations,' BCCL stated. For the financial year FY25, BCCL reported a net profit of Rs 1,240.19 crore, down 20.7 per cent from Rs 1,564.46 crore in FY24. Revenue from operations in FY25 stood at Rs 13,998.45 crore, a marginal decline of 0.33 per cent from Rs 14,045.34 crore in FY24. Up to 60 per cent of the Qualified Institutional Buyers (QIB) portion may be allocated to Anchor Investors on a discretionary basis, in consultation with the book-running lead managers (BRLMs), in accordance with Sebi ICDR regulations. 'One-third of the Anchor Investor portion shall be reserved for domestic mutual funds, subject to valid bids being received from domestic mutual funds at or above the Anchor Investor Allocation Price,' the draft red herring prospectus (DRHP) stated. No green shoe option is contemplated under the offer. Currently, Coal India holds the entirety of BCCL's paid-up equity share capital, comprising 4,657,000,000 equity shares of Rs 10 each. BCCL noted in its DRHP that 'coking coal prices are on a correction trajectory as supply-side conditions in Australia are expected to ease with mine expansions and new approvals, while demand-side sentiments remain steady, with India being the major influencer.' BCCL is engaged in the mining and supply of high-grade coking coal, a critical input for steel production. Revenue from operations has been primarily driven by raw coking coal, contributing approximately 76.07 per cent in FY25, 75.40 per cent in FY24, and 76.07 per cent in FY23. Separately, CIL announced that its director (marketing), Mukesh Choudhary, has been given additional charge of director (business development). The appointment will take effect from June 1, 2025, for an initial term of three months, or until a permanent appointment is made, or until further notice — whichever is earlier — according to a regulatory filing.
Mint
4 days ago
- Business
- Mint
A loophole lets retail investors bid for some small-business IPOs
Regulations barring retail investors from the high-risk initial public offerings of tiny businesses have failed to prevent the category from participating in at least a few such issues. The reason: a loophole in the rules. National Stock Exchange and BSE Ltd, in consultation with the Securities and Exchange Board of India (Sebi), amended rules to raise the minimum bid for the IPOs of small and medium enterprises (SMEs) to more than ₹2 lakh for offers filed with the exchange after 8 March. The change in Regulation 267 of the Issue of Capital and Disclosure Requirements (ICDR) effectively prevents retail or small individual investors from such issues, since they cannot invest more than ₹2 lakh. However, IPOs approved before the 8 March cut-off can still offer small investors a chance to bid below ₹2 lakh. That's because exchanges give companies a window of one year from the date of approval to launch their maiden offer. Also read: Sebi's co-investment plan wins fund favour; lawyers warn of tax, legal cracks Unless the bourses issue circulars offering clarity, retail investors may be unable to participate in fresh SME IPOs but may be able to bid in older offers, according to analysts. 'A handful of SME IPOs that filed their prospectus before March 2025 are yet to open for subscription. These IPOs still allow applications for around ₹1 lakh to ₹1.2 lakh amounts that are significantly more accessible for individual investors," said Rohit Jain, managing partner at law firm Singhania & Co. 'However, it's a narrow window, as most of these IPOs are expected to hit the market in the next few weeks." Small firms whose IPO prospectuses were filed before the cut-off include 3B Films Ltd, LGT Business Connextions Ltd, Mahendra Relators and Infrastructure Ltd, and Everstims Technologies Ltd. 3B Films' offer, which is open for subscription from 30 May to 3 June, has received 177 applications from the retail category and is planning to raise ₹33.75 crore from the offer. Its minimum bid quantity is 3,000 shares, which means a minimum investment of ₹1,50,000 as the offer price is ₹50. Nikita Papers and Blue Water Logistics' offers, which closed on 29 May, also received bids from retail investors. Also read: IndiGo's promoter Rakesh Gangwal to sell $803 mn stake Around 348 companies have announced their intention to raise money on the SME platform, according to Prime Database. However, exchanges reveal the names of the companies launching offers a couple of days before an issue opens. Sebi rules Sebi tweaked the rules as retail participation surged in SME IPOs even as the regulator found cases involving misuse of proceeds and misconduct. Small businesses raised ₹9,120 crore through IPOs in FY25 against ₹5,971 crore in FY24, ₹2,235 crore in FY23, and ₹965 crore in FY22, according to data shared by Prime Database. That mirrors the record ₹1.62 trillion mop-up from the main board IPOs in FY25. Sebi regulates the mainboard IPOs, while exchanges oversee the SME segment in consultation with the regulator. 'We are still seeing DRHPs getting filed, which have a quota for retail applications. However, it will depend on the exchange to either accept or reject the retail quota," said a senior executive at an investment management firm, speaking on the condition of anonymity. The exchanges are said to be working to address this gap, according to a person aware of the development, who spoke on the condition of anonymity. Queries emailed to the NSE and BSE on this loophole remained unanswered. Retail investors were excluded from the IPO of NR Vandana Tex Industries Ltd., with a minimum bid amount of ₹2.44 lakh. The cotton textile company filed its red-herring prospectus on 21 May. Unlike the other SME IPO bids, the company's offer, which closed for subscription on Friday, received bids from 33,597 individual investors who are not retail investors. '…the rules (barring retail investors applying in SME IPOs) only apply to companies filing their prospectus after March 2025," Mohit Mehra, vice president of primary markets and payments at Zerodha, said in a post on X (formerly Twitter). 'Since prospectuses remain valid for a year, companies going public now may still allow retail participation if they filed before March 2025." Also read: Asset manager Abakkus plans mutual fund foray to ride retail demand Sebi, ahead of amending the rules, had cited increased retail participation in SME IPOs for its decision. 'Considering that SME IPOs tend to have a higher element of risks and investors getting stuck if sentiments change post listing, in order to protect the interest of smaller retail investors, the limit was increased," the regulator had said in a consultation released on 19 November. 'In recent times, instances have been observed of diversion of issue proceeds to related parties and shell companies and inflation of revenue was shown by circular transactions," Sebi had said.
Business Upturn
23-05-2025
- Business
- Business Upturn
Reliance Power share price surges 13% today
By Aditya Bhagchandani Published on May 23, 2025, 12:09 IST Shares of Reliance Power Ltd. surged over 12% on Friday, May 23, to trade at ₹50.34, marking one of the day's top gainers on the NSE. The rally comes just a day after a marginal 1% gain on Thursday, driven by significant corporate developments and investor buzz. The stock hit an intraday high of ₹50.20, climbing from a previous close of ₹44.59. With this sharp move, Reliance Power's market capitalization soared to ₹206.37 billion. Reliance Power, led by Anil Ambani, made headlines on Thursday after executing a preferential allotment of 1.33 crore fully paid-up equity shares worth ₹43.89 crore. The shares were issued at ₹33 each, a 26% discount to Tuesday's closing price of ₹44.73. 33 lakh shares were allotted to Reliance Infrastructure Ltd. 1 crore shares went to Basera Home Finance Pvt. Ltd. The discounted allotment, carried out under SEBI's ICDR norms, was part of warrant conversion exercised by the two entities. Green Energy Deal in Bhutan Adding to the investor optimism, Reliance Power also entered into a landmark renewable energy partnership in Bhutan, signaling expansion in the clean energy space. This aligns with the company's long-term strategic pivot towards sustainable power solutions. Stock Performance Snapshot Metric Value Current Price ₹50.34 Market Cap ₹206.37B P/E Ratio 7.17 Day Range ₹44.40 – ₹50.20 52-Week Range ₹23.30 – ₹53.64 Avg Volume 47.11M Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Mint
23-05-2025
- Business
- Mint
Reliance Power share price skyrockets 18% as bulls spurt trade volumes, biggest intraday jump since January 2024
Reliance Power share price in focus: Reliance Power's share price surged 18.5% in intraday trading on Friday, May 23, reaching a six-month high of ₹ 52.82 apiece on the back of a sharp surge in trading volumes. The rally also marked the stock's biggest intraday jump since January 2024. A total of 232.3 million shares changed hands on both the NSE and BSE as of 1:00 p.m. today, marking a four-fold increase over the stock's average weekly volume of 54 million shares. The stock has been on investors' radar in recent weeks due to multiple positive developments that have helped sustain the momentum and push the stock to multi-month highs. On May 20, Anil Ambani-owned Reliance Power executed a preferential allotment of equity shares aggregating ₹ 43.89 crore to two entities—Reliance Infrastructure Limited and Basera Home Finance Private Limited. According to an exchange filing, the company allotted a total of 1.33 crore fully paid-up equity shares at ₹ 33 per share (inclusive of a ₹ 23 premium). The shares were issued under the SEBI (ICDR) Regulations, following the exercise of rights attached to previously issued warrants. In addition, Reliance Power recently announced a strategic international venture with Druk Holding and Investments Limited (DHI), the investment arm of the Royal Government of Bhutan. The two companies will jointly develop Bhutan's largest solar power project, with a planned installed capacity of 500 MW. In October 2024, Reliance Enterprises—jointly promoted by Reliance Power Limited and Reliance Infrastructure Limited—initiated a strategic partnership with DHI to develop solar and hydropower projects in Bhutan. The ₹ 2,000 crore project will be developed under a 50:50 joint venture on a Build-Own-Operate (BOO) basis. The company stated that the agreement—marked as the largest private sector FDI in Bhutan's solar energy sector to date—was formalized through a commercial term sheet with Green Digital Private Limited (GDL), a DHI-owned entity. Reliance Power said its total clean energy pipeline stands at 2.5 GWp of solar and over 2.5 GWh of BESS, making it India's largest player in the integrated solar + BESS segment. The turnaround in financial performance during the March quarter has also fueled renewed investor interest in the stock on Dalal Street. For the quarter ended March, the company posted a consolidated net profit of ₹ 126 crore, a significant recovery from a loss of ₹ 397.56 crore in the same quarter last year, driven by lower finance costs and reduced operating expenses. Total operating expenses fell from ₹ 3,575 crore in Q4FY24 to ₹ 2,108 crore in Q4FY25. However, revenue from operations declined to ₹ 2,066 crore from ₹ 2,193.85 crore year-on-year, primarily due to lower realizations. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Time of India
21-05-2025
- Business
- Time of India
Shiprocket files confidential pre-IPO papers
BENGALURU: Shiprocket has filed a pre-filed draft red herring prospectus ( pre-DRHP ) with market regulator Sebi , marking the logistics tech company's formal step toward a public listing . The filing was made under Regulation 59C (5) of Sebi's Issue of Capital and Disclosure Requirements (ICDR) Regulations, as per a public notice issued by the company in a financial daily on Wednesday. The proposed initial public offering is intended to be listed on the main boards of both the BSE and NSE . The pre-DRHP was filed under Chapter IIA of the ICDR Regulations, which allows for confidential submissions, giving the company flexibility to delay public disclosures around offer details and financials during the early review process. Shiprocket, incorporated as Bigfoot Retail Solutions and headquartered in Delhi NCR, has not disclosed the size or timeline of the proposed issue in the public advertisement. Backed by investors including Zomato and Temasek, Shiprocket provides end-to-end shipping and fulfilment solutions to direct-to-consumer (D2C) brands and independent merchants, a segment that currently generates 70-80% of its revenues. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
